Dropbox investors spooked by key executive departure as it tops forecasts

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Dropbox shares plunged in extended trading despite crushing Wall Street forecasts for its second quarter, as it revealed one of its key executives would be leaving next month. 

Dropbox said revenue surged 27pc to $339.2m (£264m) in the three months to the end of June, ahead of analyst forecasts for $331m, as its paid user base swelled to 11.9 million people, from 9.9 million a year earlier, and it made 5pc more revenue from each of those users on average.

Losses at the San Francisco-based company narrowed to $4.1m from $26.8m a year earlier, and its gross margin improved to 73.6pc from 65.4pc a year earlier.

The strong set of quarterly results, its second as a listed company, however, failed…

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